Deutsche Bank (DBK) Q2 2026 Fixed Income earnings summary

Executive summary

• Achieved record H1 2026 profit of €4.1bn, with revenues at €17.2bn, up 9% year-over-year, and all divisions delivering a return on tangible equity (ROTE) of 12% or higher.

• Disciplined capital management supported business growth and shareholder distributions, including a new €500m share repurchase program.

• Cost/income ratio improved to 60.9% for H1 2026, progressing toward the FY 2028 target of below 60%.

• Completed planned Private Bank branch closures and announced sale of Private Bank's India franchise.

• Advanced sustainability initiatives, with €52bn in sustainable and transition finance volumes in H1 2026.

Financial highlights

• Net revenues for H1 2026 rose 5% year-over-year to €17.2bn; Q2 revenues up 9% to €8.5bn.

• Profit before tax for H1 2026 was €5.7bn, up 9% year-over-year; Q2 profit before tax €2.7bn, up 11%.

• Net income for H1 2026 was €4.1bn, up 9% year-over-year; Q2 net income €1.9bn, up 10%.

• CET1 capital ratio at 13.9%, within target range; leverage ratio at 4.5%.

• Cost/income ratio improved to 61% for H1 2026; Q2 at 63%.

Outlook and guidance

• Group revenues expected to be around €33bn for 2026, slightly higher than prior year.

• All business segments forecast higher or stable revenues in 2026, with continued business momentum.

• Noninterest expenses for 2026 expected slightly above €21bn, reflecting incremental investments.

• Provision for credit losses expected to reduce slightly year-on-year.

• CET1 ratio expected between 13.5% and 14.0% by year-end 2026.